Issue - meetings

The Committee received and considered the draft Statement of Accounts 2021-22.  Members were introduced to the newly appointed Chief Accountant who presented a summary of the report.

Members asked a number of questions which were responded to (SOA disclosure note reference in brackets):

·                 Assets were focussed in Harrow with the exception of six commercial properties outside the borough (5.11).

·                 Termination benefits were reflected in the accounts for the department where the officer worked (5.32).

·                 The Director of Finance outlined the current borrowing structure including capital financing (5.9).

·                 An operating surplus was generated in year (4.1).

·                 Intangible assets included software costs (5.14).

·                 The write offs of uncollectable amounts within the Collection Fund takes place only in accordance with financial regulations.  Write off procedures were being reviewed in liaison with the auditors to see if as astringent as possible (7.1).

·                 The Chief Accountant undertook to circulate information as to whether the cash flow figures had resulted from construction of property, plant and equipment (5.26).  The External Auditor informed the Committee that any technical disclosures in the cash flows would be identified.

·                 Further information on the investment liabilities regarding derivative contracts would be provided to the Pension Fund Committee.

The Chair stated that a cross reference to the remeasurement of net defined benefit liability would be useful to identify what is attributed to as the difference warranted further investigation and to be included in the final version.

The Committee was invited to submit any further questions to the Chief Accountant in order that a summary of the responses be included in the final report.

RESOLVED:  That the report be noted.